I had taken Kotak Smart Advantage Plan by seeing Brand Name of Kotak Group by investing monthly 3, 000/= & Fund Performance as I had done same Business in My Mother in Law Code Name: Rita Dipakkumar Shah. There is following miss-selling done by Sales Manager of Kotak Life Insurance, C.G.Road Branch, Ahmedabad - Sales Manager. I can also mention name but I am not feeling good to mention the same.
1. SM (Kotak Employee) had informed that you can stop you monthly Installments after 3 Years from Date of Policy which will not be affected to your fund value or any charges had been charged. You can change Premium Paying Terms & Policy Maturity Terms any times by giving simple request. When I asked customer care after 1.5 Years of Policy that I want to discontinue Monthly Installments after completion of 3 years at that time Customer Care had informed me that You will not get 1st Premium If You are pay for three years only & I had paid 36, 000 for 1st year.
2. SM (Kotak Employee) had also informed that 1st Year Premium of Rs. 36, 000 /= will be invested in Debt initially then form 4th Years onwards the same amount will be transferred from Debt to Equity segment which is also. When I had also confirm the same thing after 1.5 years of Policy at Customer Care Dept of Kotak, they had informed that 36, 000/= will not invested in Equity & Same amount will be given to you at end of Premium Paying Terms which is 30 years & If I will not able to pay for 1 installment then you will also not eligible for 1st Premium & other Benefits like Fixed Advantage & Dynamic Advantage.
There are many things which is going to wrong in favour of Kotak Life Insurance & I am effecting for wrong selling by kotak Life Insurance employee because 36, 000/= is big amount for me. If I will not get any reply or unfavorable reply towards the same, I will send whole in details to IRDA Grievance Cell within 10 Days & other many related govt. department who taken care of consumer complain & take corrective action. Kindly inform me what kotak Life Insurance co. can do for the same case. Looking forward your positive decision for the same from Kotak Side
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